A consortium of Nigerian banks has placed Nestoil Limited, one of the country’s leading oil and gas service firms, under receivership following a debt dispute estimated at $1 billion.
The takeover followed a Federal High Court order obtained on October 22, 2025, in Lagos.
Justice D. I. Dipeolu granted a Mareva injunction, an asset-freeze order, empowering First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to assume control of Nestoil’s assets.
The injunction was issued against Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Following the ruling, heavily armed police officers on Monday sealed off Nestoil’s corporate headquarters at 41/42 Akin Adesola Road, Victoria Island, Lagos, to enforce the receivership order.
According to Daily Trust, staff were ordered out of the building as officers barricaded the premises to prevent the removal or disposal of company property.
Founded in 1991 by Ernest Azudialu-Obiejesi, Nestoil is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC) company in the oil and gas sector.
However, the company has in recent years struggled with liquidity pressures and mounting debts to local lenders, which culminated in the current receivership action.
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